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(Visited 28 times, 1 visits today)

Vittoria gets returns from properties

27 October, Milano Finanza

The company is willing to increase the number of rental properties against the developments. Results better than expected

The reorganisation plan for the considerable real estate portfolio of Vittoria Assicurazioni has started. Real estate has always been a core asset for the company headed by Carlo Acutis and it will continue to be so also in the future, with a 20% of the total investments. Last June, the Vittoria real estate investments were equal to 625 million, against the total of 3.38 billion (the 18%). This percentage might be slightly reduced in the future but never dramatically reduced. The company has implemented important operations to increase the returns on the investments and particularly to increase the weight of the rental properties compared to the developments. For this reason, in the past few months, it has selected on the market some specialised companies to which assign the mandates and speed up the sales of residential properties, especially of the five main projects recently started by the group. For instance, there are on sale the accommodations of the Quadrifoglio 4 project in Peschiera Borromeo, as well as those in Collegno Center in Turin, built together with Cgg (Costruzioni Generali Gilardi), the same company that built the new Juventus stadium. There are also the houses in Viale Michelangelo in Florence and the real estate projects concerning Genoa and Rome. The company has preferred doing everything by itself so far, appointing Interimmobili srl for the marketing, the real estate brokerage company owned by Vittoria. To speed up the operations, some specialised companies will enter the game regarding sales. While the projects concerning the potential transfer of these assets to property funds or to a Siiq, with the consequential participation of new investors, have been put on hold for fiscal reasons (due to the impossibility to deduct the Vat). It’s not to exclude, however, that Vittoria might use these companies for new real estate projects in the future.

In the meanwhile, the gross result for the Vittoria real estate segment, even if still negative for 667 thousand euro, has registered a better performance than the 3.38 million losses of the same period of the previous year, a confirmation that the reorganisation program started with Matteo Campana, whom the business plan was assigned last year, is now full on. While the insurance segment, as shown in the last Star conference in London, is aligned with the objective of the 2017-2019 strategic plan. Regarding the damage division, the group closed the semester with a combined ratio of 89.6%  (the lower it is, the higher the productivity) despite the market registering 100% and better than the business plan that set the objective of 91,5%.

Source: Milano Finanza

Translator: Cristina Ambrosi

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